Memo

TITLE OF BILL: An act to amend the public authorities law, in relation to authorizing the financing of facilities by the dormitory authority for Inner Harbor Project

PURPOSE:

This bill would authorize the dormitory authority to finance facilities at the Inner Harbor Project

SUMMARY OF PROVISIONS:

Section 1- Amends paragraph (b) of subdivision 2 of section 1676 of the public authorities law by adding a new undesignated paragraph to read as follows: Inner Harbor Project.

Section 2 - Amends subdivision 1 of section 1680 of the public authorities law by adding a new undesignated paragraph to read as follows: Inner Harbor Project.

Section 3 - Any contracts entered into by the dormitory authority pursuant to this act shall be deemed state contracts within the meaning of that term as set forth in article 15-A of the executive law, and Inner Harbor Project shall be deemed, for purposes of this act, a contracting agency as that term is used in such article.

Section 4 - Effective date.

JUSTIFICATION:

The City of Syracuse seeks to renovate the Syracuse Inner Harbor and has entered into an agreement with the Canal Corporation and a private developer to do so.

This bill will facilitate this revitalization by authorizing the Dormitory Authority to issue bonds to secure the necessary revenue for the Syracuse Inner Harbor project which will result in long term economic benefits for the City.

LEGISLATIVE HISTORY:

New bill

FISCAL IMPLICATIONS:

None

EFFECTIVE DATE:

This act shall take effect immediately.

Text

STATE OF NEW YORK
________________________________________________________________________
5698
2013-2014 Regular Sessions
IN SENATE
June 5, 2013
___________

Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and
when printed to be committed to the Committee on Corporations, Author-
ities and Commissions
AN ACT to amend the public authorities law, in relation to authorizing
the financing of facilities by the dormitory authority for Inner
Harbor Project
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (b) of subdivision 2 of section 1676 of the
public authorities law is amended by adding a new undesignated paragraph
to read as follows:
INNER HARBOR PROJECT.
S 2. Subdivision 1 of section 1680 of the public authorities law is
amended by adding a new undesignated paragraph to read as follows:
INNER HARBOR PROJECT.
S 3. Any contracts entered into by the dormitory authority pursuant to
this act shall be deemed state contracts within the meaning of that term
as set forth in article 15-A of the executive law, and Inner Harbor
Project shall be deemed, for purposes of this act, a contracting agency
as that term is used in such article.
S 4. This act shall take effect immediately.

EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11392-01-3

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